Barclays plans to market the first deal issued this year from the bank’s credit card securitization trust called Dryrock.

The $500 million transaction called Series 2013-1 is collateralized by Barclaycard U.S. brand credit card receivables. Barclays will co-manage the deal with Citigroup, Credit Suisse and JP Morgan, according to a deal term sheet filed with the U.S. Securities and Exchange Commission.

Moody's Investors Service has assigned the class A floating rate asset backed notes to be issued from the trust a rating of ‘Aaa’.

The senior notes have 21.0% of credit enhancement provided by a subordinate class B note that has not been rated by Moody’s.

Barclays last deal to be issued from the trust was at the end of 2012. Dryrock Issuance Trust issued $1 billion bonds through Series 2012-1 worth $700 million and 2012-2 worth $300 million.  

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